AGRI WEEKLY REPORT - 11TH NOVEMBER 2013

AGRI MARKET DATA

TURMERIC :-

Indian turmeric futures fell on large carry forward stocks, lower-than-expected export demand and on conducive weather for the sown crop. Turmeric futures may trade sideways amid downward bias. Domestic and export demand remains steady. Sufficient stocks at the spot markets are also limiting a major rally in prices. Turmeric cultivation usually begins in the last week of May and continues until August. A lengthy harvesting process starts from January.

CHANA :-

Indian chana, or chickpea, futures fell on slack local demand, favourable weather for sowing and adequate soil moisture. Chickpea is a rabi crop for which sowing starts in October. Key growing areas have received ample rainfall, which is expected to smoothen the sowing process. Farmers have started sowing chana in the major cultivating regions. There are some concerns over a shift in acreage to wheat in Madhya Pradesh, but in other states the area under cultivation is likely to be higher than in the previous year.

SOYABEAN :-

Indian oilseeds and soyoil futures were down due to profit taking after hitting contract highs in the previous day because of lower supplies in the spot market. Favourable weather condition in Rajasthan, the main mustard growing state, has accelerated sowing, raising hopes of a higher coverage this year for the oilseed crop.

JEERA :-

Indian jeera futures fell on slack local demand amid higher-than-expected supplies, while expectations of a greater area under cultivation also hurt sentiment. Sowing of jeera has started in some areas. Jeera, or cumin seed, is a winter crop sown from October and farmers mainly depend on the rains to moisten the land for sowing. Sentiment is down because the sowing activities will pick-up in some days and the total area is likely to increase.

GUAR :-

Indian guar seed futures were lower on new season supplies amid weak local and overseas demand and expectations of higher production. Supplies from the new harvest have started coming into local markets in small quantities and will increase in the coming weeks.

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